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Iain's eco-stack
Economics vocabulary reveiw
| Question | Answer |
|---|---|
| Amount paid to an individual for services provided | wages |
| one who uses services and goods | consumer |
| people who work | labor resource |
| anywhere goods are sold or traded | market |
| these are found in the enviroment | natural resources |
| goods used to make other goods or services | capital resources |
| a job done for someone else | services |
| inadequate supply of resources(not enough) | scarcity |
| resource that can be replenished naturally | renewable resource |
| things or items produced | goods |
| the careful management of producing, distributing, and consuming wealth and resources | economy |
| resources that can be depleted from the enviroment | non-renewable resources |
| natural recources, labor/human resources, and capital resources | productive resources |
| system of organizing wealth and resources | economic system |
| the government makes the economic decisions and owns most of the property | command economy |
| decisions are based on how things have been done in the past | traditinal economy |
| recources are owned by private citizens and economic answers come from the citizens participating in the economy | market economy |
| capitalism, free-market system, laissez-faire | other names for market economy |
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